CGT bonanza ahead of rules changes
Government's CGT receipts soar ahead of new flat rate
The government is enjoying a capital gains tax ‘bonanza’ ahead of its
controversial CGT changes.
The CGT take will double between 2004/2005 and 2007/2008 to £4.6bn, according
to Wilkins Kennedy. The firm suggested the boost was due to soaoring share
prices and property prices in the last few years.
Controversial changes to the CGT regime by the government will bring in a
further £2bn by 2011, it added.
‘The government is enjoying a CGT bonanza right now, so the proposed changes
to the CGT regime, which will hit small investors and lower rate taxpayers
hardest and net a further £2 billion in CGT, seem doubly greedy,’ said Wilkins
Kennedy partner Roger Williams.